Piyush Goyal To Consult Exporters & Industry Ahead Of US & EU Trade Pacts

New Delhi, Feb 10 (KNN) Commerce and Industry Minister Piyush Goyal will meet representatives of export promotion councils and industry associations in New Delhi on February 11 as India moves closer to finalising trade agreements with the United States and the European Union, an official said on Monday.

Focus on India–US Trade Deal

The meeting comes as India and the US have finalised a framework for the first phase of a bilateral trade agreement, reported PTI.

Under the arrangement, the US has agreed to lower reciprocal tariffs on Indian goods from 25 per cent to 18 per cent. It has also withdrawn the additional 25 per cent punitive tariffs imposed in August last year over India’s purchase of Russian crude.

Exporters had been awaiting progress on the deal, as the US is a key market for labour-intensive sectors such as textiles, leather and footwear, and gems and jewellery. 

Industry representatives said the earlier combined tariffs of up to 50 per cent had significantly affected exports to the American market.

EU Trade Negotiations

The consultation also follows India’s announcement last month on the conclusion of negotiations for a free trade agreement with the 27-nation European Union bloc. 

Officials said all export promotion councils have been invited to the meeting to discuss the implications of the proposed trade agreements.

(KNN Bureau)